Finances

Question 1

Inflation

Answer 1

A general increase in prices and fall in the value of money.

Question 2

Finance problems

Answer 2

Inflation, Elizabeth’s failure to reform.

Question 3

Consequences of financial weakness

Answer 3

Difficult for the crown to govern efficiently and to conduct aggressive foreign policy. In wartime the weakness was more profound and forced loans were not approved.

Question 4

Ante-supper

Answer 4

Preparation of two huge feasts, first was for display while the second was consumed. Cost around £3300

Question 5

Monopolies

Answer 5

The crown could sell the exclusive right to provide a product or service. Monopolies were often sold for whatever the amount the Crown could raise.

Question 6

Subsidy Act

Answer 6

This act granted a subsidy of £300,000 to the crown for warfare.

Question 7

Statute of Monopolies

Answer 7

This act limited the Crown’s right to grant monopolies to individuals.

Question 8

Cecil’s great contract 1610

Answer 8

Major reform of the Crown’s finances. Wanted annual subsidy of £200,000 along with a £600,000 subsidy to cover debts and expenses. It was agreed to have the annual subsidy of £200,000. Contract collapsed and in 1611 James dissolved parliament.